Solana is a top blockchain network and its native SOL token ranks among the largest by market cap.
SOL on-chain staking is now supported on Crypto.com.
Investors can earn rewards of up to 5% when they stake SOL on Crypto.com.
An announcement from the exchange on Monday revealed that Crypto.com now supports SOL on-chain staking. According to the crypto platform, SOL holders can now earn more SOL rewards when they stake on Crypto.com, with up to 5% APR.
There are also no fixed terms or minimum staking amount, the exchange announced via the Crypto.com Institutional Twitter account.
All about efficiency and performance? You’re gonna love this. SOL is now available for on-chain staking on the https://t.co/A7lhUEyoao Exchange. Earn more #SOL rewards when you stake now! https://t.co/w5IWWkOtqC
— Crypto.com Institutional (@Cryptocom_Insto) April 10, 2023
Solana among best crypto assets for staking
Crypto staking platforms are crypto exchanges, brokers, or apps that allow users to earn rewards on their crypto assets by making it possible for them to lock the tokens in wallets or staking pools for a reward that comes after a set period.
The staking process allows proof-of-stake blockchains to use staked coins to support and secure the network – which is different from the mining process of proof-of-work blockchains like Bitcoin.
Solana is the third-largest crypto asset by staking market cap, behind only Ethereum and Cardano. However, according to the latest on-chain data for staking, the Solana network boasts the largest market share when it comes to staking reward ratio.
Staking ratio refers to the percentage count of tokens eligible for staking that are being staked, and Solana’s ratio is currently at over 71%.
In comparison, Ethereum, which transitioned to a proof-of-stake consensus mechanism in September 2022 via the Merge, only has staked ETH at 15.64%. Ethereum staking was introduced in December 2020 with the Beacon Chain genesis.
Cardano and Cosmos have about 67% of tokens eligible for staking.
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